The global fuel cell market to grow at CAGRs of 30.40% and 31.91% in terms of unit shipment and MW shipment, respectively, over the period 2014-2019

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The report covers the present scenario and the growth prospects of the global fuel cell market for the period 2015-2019. The report provides the segmentation of the market based on the following criteria: application, fuel cell type, and geography.

Several new techniques have reduced the price of fuel cells, which exerts a positive influence on the fuel cell market worldwide. For instance, several fuel manufacturing companies in the US are reducing the amount of platinum used in fuel cells. This has resulted in a reduction of fuel cell prices of up to 40%.

According to the report, abundant energy sources and emerging applications are major factors driving the global fuel cell market. Hydrogen is used in stationary fuel cells as it is the lightest, most abundant chemical in the universe.

Further, the report states that Functional issues and the technologies related to fuel cell applications comprise challenges that hinder the growth of the global fuel cell market. Current compressor technologies are not suitable for fuel cell applications, which make air management difficult.